You are here: Home - News -

Sesame sale next stage of Friends Life shake up

  • 06/02/2013
  • 0
Sesame sale next stage of Friends Life shake up
Industry insiders have confirmed Friend's Life is touting for bidders for Sesame Bankhall Group as the insurer continues its broader cost-cutting and restructuring plans.

A Sesame Bankhall spokesman refused to comment on “speculation”, however, Mortgage Solutions‘ sister-title Cover confirmed redundancies last week among senior management at Friend’s Life including its strategy and new propositions director, Iain Mallon and Tim Fox, head of national accounts.

Friends Life reported 150 jobs were under threat last December, with 50 vacancies that would not be filled.

Barclays has been appointed to gauge interest in the market, with a management-led buy out thought to be a strategic option for the firm.

Sesame Bankhall Group’s latest results, with its next results due out shortly in March, show the distribution group made £2.2m in trading profits in 2011, down from £5m in 2010. SBG placed over £26.1bn of mortgages in 2011, up £1.9bn on 2010.

The Sesame Bankhall Group operates three distribution brands, including its Appointed Representative network with 1,300 member firms, Bankhall, the support services brand used by 1,500 directly regulated advisers alongside its mortgage club, PMS.

Market commentators said the Group remains a solid proposition but with the heavy liabilities of a distributor of this size, any price could seem “too expensive.”

Yesterday, John Cupis, the newly-announced deputy chairman of the AMI board confirmed the closure of Paymentshield’s mortgage club yesterday with the transferral of several hundred of its members” to PMS.

Cupis said: “”As the UK’s largest mortgage club, PMS is pleased to be using its strength and scale to offer the former Paymentshield members an excellent level of support and distribution, along with access to a wide range of additional services and benefits, including our broad panel of mortgage lenders and exclusive products.”

Last month, Sesame Bankhall Group launched its general insurance proposition powered by Paymentshield’s technology offering building and contents, landlords insurance and mortgage payment protection insurance from leading insurers including RSA, Aviva, Ageas and Allianz.





There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @completefs1993: Come and see Damian and Phil at the BTL Market Forum at Villa Park- we have so much BTL to talk about with @mortgagesol
  • RT @LandbayUK: We're all set for Day 2 at #BTL18 in Birmingham! Come and talk to us if you’d like to learn more about our offering. @Paulyb
  • RT @DanielleDennis9: It’s not too late to ‘pitch up’ to the Buy to Let Market Forum today at Aston Villa FC - come along to hear about all…
Read previous post:
15% of landlords plan to buy more property

Three quarters of landlords are optimistic about the Private Rented Sector (PRS) and 15% plan to expand their portfolios this...